BNP Paribas Financial Markets Trims Holdings in L3Harris Technologies Inc $LHX

BNP Paribas Financial Markets lowered its holdings in shares of L3Harris Technologies Inc (NYSE:LHX) by 13.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 321,946 shares of the company’s stock after selling 50,711 shares during the period. BNP Paribas Financial Markets’ holdings in L3Harris Technologies were worth $98,326,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of L3Harris Technologies by 0.5% in the second quarter. Vanguard Group Inc. now owns 23,170,042 shares of the company’s stock valued at $5,811,973,000 after buying an additional 121,619 shares during the last quarter. State Street Corp grew its holdings in shares of L3Harris Technologies by 1.2% during the second quarter. State Street Corp now owns 8,874,482 shares of the company’s stock worth $2,226,075,000 after buying an additional 105,402 shares during the last quarter. Geode Capital Management LLC increased its position in L3Harris Technologies by 0.8% in the 2nd quarter. Geode Capital Management LLC now owns 4,948,981 shares of the company’s stock valued at $1,236,410,000 after acquiring an additional 38,820 shares during the period. Boston Partners increased its position in L3Harris Technologies by 72.1% in the 2nd quarter. Boston Partners now owns 2,002,211 shares of the company’s stock valued at $504,160,000 after acquiring an additional 838,546 shares during the period. Finally, Bank of America Corp DE raised its stake in L3Harris Technologies by 3.1% during the 2nd quarter. Bank of America Corp DE now owns 1,728,519 shares of the company’s stock valued at $433,582,000 after acquiring an additional 52,776 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Samir Mehta sold 5,528 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the sale, the insider directly owned 7,756 shares in the company, valued at $2,872,201.92. This represents a 41.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Melanie Rakita sold 751 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $278,110.32. Following the sale, the vice president directly owned 4,131 shares in the company, valued at approximately $1,529,791.92. The trade was a 15.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 19,025 shares of company stock worth $6,824,370. 0.72% of the stock is owned by insiders.

Analyst Ratings Changes

LHX has been the topic of a number of recent research reports. Vertical Research reissued a “buy” rating and issued a $355.00 target price on shares of L3Harris Technologies in a report on Tuesday, January 13th. Weiss Ratings upgraded shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. BNP Paribas Exane started coverage on shares of L3Harris Technologies in a research note on Tuesday, November 18th. They issued a “neutral” rating and a $290.00 price objective on the stock. Argus upgraded shares of L3Harris Technologies to a “strong-buy” rating in a research report on Friday, February 27th. Finally, Truist Financial set a $364.00 target price on shares of L3Harris Technologies in a research note on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, L3Harris Technologies has an average rating of “Moderate Buy” and a consensus price target of $328.57.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $357.15 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $66.71 billion, a P/E ratio of 41.87, a price-to-earnings-growth ratio of 2.63 and a beta of 0.63. The firm has a 50-day moving average price of $348.03 and a two-hundred day moving average price of $308.06. L3Harris Technologies Inc has a twelve month low of $195.72 and a twelve month high of $379.23.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The company had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter in the prior year, the firm earned $3.47 earnings per share. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, March 6th. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio is currently 58.62%.

About L3Harris Technologies

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.